Council news

28 Dec 2021
Workshop "Transition from LIBOR & reviewing interest rates benchmarks (IBORs)"

The Gulf Monetary Council (GMCo) in cooperation with the Central Bank of Kuwait (CBK) held a virtual workshop on <<Transition from LIBOR & reviewing interest rates benchmarks (IBORs)>> during 29-30 November 2021. The workshop hosted more than 50 Participants from representatives of natioal central banks in GCC countries and international financial institutions, where the workshop aimed to discuss technical developments and exchange experiences between natioanl central banks in GCC countries together with purpose of benefiting from the experiences of international working groups in this field in line with the global trend towards LIBOR transition.

The workshop also allowed the participants to view the recent developments related to LIBOR transition at regional and global level, reviewing the interbank offered rates in the local markets as efforts to adopt risk-free interest rates, and determining the impact of this transition on monetary and financial stability in the GCC countries.

The workshop addressed a number of technical topics, starting with the principles and frameworks applied for the transition including the financial, legal and accounting aspects, as well as a review of recent developments and other technical topics. The workshop was attended by GMCo, GCC central banks, the working group under Central Bank of England, the UK Financial Supervisory Authority and the European Financial Markets Authority.

GMCO is keen to continue holding meetings and workshops in pursue of monetary stability in GCC countries.